Credit Suisse traded accumulators tied to a Hong Kong-listed company without his permission, Li claimed. When his account balance fell into the negative, the bank used $7.7m he had on deposit to cover the shortfall without his permission, Li said. He had intended to use the money for his immigration to New Zealand, the Chinese citizen said in court papers.

Credit Suisse had explained the risks to Li, without having any legal obligation to do so, the bank said in its defence papers filed this month.

Ian Bolland

A journalism graduate of Liverpool John Moores University. During his time at university, Ian spent time on work experience at local newspapers in Liverpool, Bolton and Wigan, and prior to that he did work for The Observer's 'fans verdict'. Ian also has interests in news, current affairs and business but mostly sport, including football, rugby league, cricket, golf and Formula 1, amongst others.